E ENI Spa

   By Marc Bisbal Arias 
 

Eni SpA (ENI.MI) released its strategic plan Friday and proposed to raise its dividend to 0.83 euros ($1.02) a share for 2018.

For the 2018-21 period, capital expenditures will be below EUR32 billion, the company said. Share buybacks will be considered should there be cash in excess of the leverage target of 20% to 25%.

The proposed dividend for the year is 3.75% higher than it was in 2017.

The break-even point for new projects in upstream--entailing its exploration business--will be below $30 a barrel in the period, the oil-and-gas company said. Eni expects to spend about EUR3.5 billion in the next four years in this segment and is targeting 2 billion barrels of new resources. Hydrocarbon production is expected to grow by 3.5% a year until 2021, Eni said.

Chief Executive Claudio Descalzi said Eni is "entering a renewed phase of strong and enhanced industrial expansion, driven by a deeper business integration and a relentless focus on efficiency and capital discipline."

A decarbonization strategy will also be pursued, and investments in green business development for the 2018-21 period will be in excess of EUR1.8 billion, Eni said.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

March 16, 2018 08:12 ET (12:12 GMT)

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